On Apr. 3, 2025, UK GVT issued Companies (directors' remuneration and audit) (amendment) regulations 2025 (StIn 2025/439).
Regulations come into force 40 days after day on they are made, on May 11, 2025.
On Mar. 5, UK GVT issued draft rule on director remuneration, audit.
UK GVT published statutory guidance on draft rule The companies (directors’ remuneration and audit) (amendment) regulations 2025 with draft explanatory memo.
Confirmed the draft rule was sent to sift on Mar. 4, 2025 and sifting status is open.
Follows UK GVT May 2023 published CfE on non-financial reporting, see #173816.
Purpose
Removes certain EU-origin directors’ remuneration reporting requirements on UK listed companies, which overlapped with pre-existing and continuing UK requirements.
In respect of the powers of the audit regulator, the regulations clarify certain powers in relation to overseas audits involving non-UK companies and their auditors.
Introduce a discretionary exemption from prohibition of certain non-audit services.
This is so that an audit firm providing any such services to a public interest entity will be able to seek to tender for the audit of that entity.
Effectiveness
Regulations are expected to come into force 21 days after the day they are made.
Mar. 14, 2025 Text Updates
On Mar. 14, 2025, UK GVT updated Details to reflect position; discretionary exemption from prohibition of certain non-audit services would be granted in exceptional cases.
Apr. 2025 Statutory Instrument
On Apr. 3, 2025, UK GVT issued Companies (directors' remuneration and audit) (amendment) regulations 2025 (StIn 2025/439).
Regulations come into force 40 days after day on they are made, on May 11, 2025.
